In double cold rolling process, rolling energy and oil consumption is normally controlled separately, thereby causing a high comprehensive cost. This study investigated a calculation model of plate-out oil film thickness on strip surface, oil film thickness in deformation zone, friction coefficient, bite angle, forward slip, rolling force, rolling power, rolling energy consumption, and rolling oil consumption. Subsequently, the effect of emulsion flow and concentration on rolling energy and oil consumption comprehensive cost was quantitatively analyzed. On this basis, an objective function of rolling energy and oil consumption comprehensive cost was proposed, and the corresponding comprehensive optimization control technology for rolling energy and oil consumption was developed. Through a field application of this technology, the reduction of rolling energy and oil comprehensive consumption cost was achieved by optimizing emulsion flow and concentration comprehensively. Thus, a significant economic benefit was created with further popularization and application values.